Could I have help finding the minimum and completing the tables below? 1. LR Equilibrium of the Competitive Firm and IndustryA perfectly competitive widget firm has this long run total cost equation:LTC = (3)q³ – 6q² + 40qa. Find the long-run marginal cost curve (LMC) and the long-run average cost curve (LAC)and their minima. The firm's long-run supply curve (LS) is the LMC curve above LACmin-LMC = O *- la Qt40LAC =LMCMIN =at qm =LACMIN =at qa =b. Complete the table at left to find some points on the firm's LMC and LAC curves. Thencomplete the table at right to find, for levels of output at which profit is nonnegative inthe long run, the average and total profit associated with various quantities supplied.LMCLẠCqsP- LACProfit6.9.9.10101212151518182121C. GRAPH the firm's LAC, LMC, and long run supply (LS) curves (upper diagram page 3).

LTC = (1/3)q3 - 6q2 + 40q LMC = dLTC/dq = q2 - 12q + 40 LAC = LTC/q = (1/3)q2 - 6q +40

A perfectly competitive widget firm has this long run total cost equation: LTC = (½)q³ – 6q² + 40q %3D a. Find the long-run marginal cost curve (LMC) and the long-run average cost curve (LAC) and their minima. The firm's long-run supply curve (LS) is the LMC curve above LACmin- 2 Q laQ+ 40 t02-6Q+40O LMC = LAC = 3Q LMCMIN = at qM = LACMIN = at qa = %3D %3D - b. Complete the table at left to find some points on the firm's LMC and LAC curves. Then complete the table at right to find, for levels of output at which profit is nonnegative in the long run, the average and total profit associated with various quantities supplied. LMC LẠC qs P- LAC Profit 3. 6. 9. 9. 10 10 12 12 15 15 18 18 21 21

A perfectly competitive widget firm has this long run total cost equation: LTC = (½)q³ – 6q² + 40q %3D a. Find the long-run marginal cost curve (LMC) and the long-run average cost curve (LAC) and their minima. The firm's long-run supply curve (LS) is the LMC curve above LACmin- 2 Q laQ+ 40 t02-6Q+40O LMC = LAC = 3Q LMCMIN = at qM = LACMIN = at qa = %3D %3D - b. Complete the table at left to find some points on the firm's LMC and LAC curves. Then complete the table at right to find, for levels of output at which profit is nonnegative in the long run, the average and total profit associated with various quantities supplied. LMC LẠC qs P- LAC Profit 3. 6. 9. 9. 10 10 12 12 15 15 18 18 21 21

Essentials of Economics (MindTap Course List)

8th Edition

ISBN:9781337091992

Author:N. Gregory Mankiw

Publisher:N. Gregory Mankiw

Chapter13: Firms In Competitive Markets

Section: Chapter Questions

Problem 3PA

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